Banks Agree to Provide Derivatives Info
NEW YORK (
) -- Major investment banking players agreed on Tuesday to provide some clarity on the opaque over-the-counter derivatives market.
The
Federal Reserve
Bank of New York released a letter from 15 top derivatives dealers, saying they would each submit 90% of new eligible interest-rate derivative trades, and 95% of new eligible credit default swap trades for clearing. The submissions will start in December for interest-rate products and next month for CDS.
They will also submit monthly reports on transactions and outstanding trades.
New York Fed President William Dudley said the new targets will "push major dealers to accelerate their progress." He added that regulators expect them to expand eligible products and increase clearing levels beyond the initial targets.
Firms that signed the letter include
Bank of America
(BAC) - Get Report
-
Merrill Lynch
,
JPMorgan Chase
(JPM) - Get Report
,
Goldman Sachs
(GS) - Get Report
,
Morgan Stanley
(MS) - Get Report
,
Citigroup
(C) - Get Report
,
Wells Fargo's
(WFC) - Get Report
Wachovia,
Deutsche Bank
(DB) - Get Report
,
Credit Suisse
(CS) - Get Report
,
Barclays
(BCS) - Get Report
,
UBS
(UBS) - Get Report
,
Societe Generale
,
HSBC
(HBC)
,
Royal Bank of Scotland
(RBS) - Get Report
,
BNP Paribas
,
Commerzbank
and the International Swaps and Derivatives Association.
-- Written by Lauren Tara LaCapra in New York
.
